EMC Corp, Hopkinton, Massachusetts has won an upgrade from Moody’s Investors Service Inc, which raised to Ba3 from B2 the company’s $290m convertible subordinated notes and convertible subordinated debentures. It likes EMC’s established competitive position in mainframe storage products, its strong operational management, its successful efforts to diversify through internal development and acquisitions, and notes that it has reduced its debt. Moody’s says the rating recognises that although the company’s growth in mainframe disk arrays will slow due to increased competition, the gradual acceptance of new open system products and the continued penetration of international markets should enable EMC to defend its current market position.
